Miami’s office market going strong, report says

Posted on 17 Aug 2015 in Miami What's New | 0 comments


A chart of vacancy rates and absorption for Miami’s suburban and downtown office submarkets (Click to enlarge)

A report from commercial brokerage Avison Young shows that Miami’s office market had a healthy first half of this year.

Asking rental rates in both the suburban and downtown submarkets are growing, while the metropolitan area leads the state for space absorption.

Rents in downtown Miami grew 3.6 percent to an average of $41 per square foot, while suburban Miami-Dade County saw a slightly larger increase of 5.3 percent to $37 per square foot. Both of those figures were measured by mid-year 2015, and are compared to the same time period last year.

In addition to those factors, Miami is seeing a bevy of new office space under construction. A total of 726,900 square feet of office space was under construction as of mid-2015, up from 557,000 square feet the year before.

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